I had a buyer that was ready to buy the house I am selling. He's an investor and owns at least 30 houses around Massachusetts. He buys houses in bad shape, has a team of people fix up the house, then rents them out. He put down a $1000 deposit and after about 8 offers/counter offers, we finally had a deal we both agreed on. He setup the home inspection (probably set him back $450, for a 4 family house) and attended the entire home inspection. I also waited there the entire time (4 hours!!) for the inspector to finish. The next day, I get a call from my agent telling me that he backed out of the deal, stating that more work was needed than he wanted to get into. Oh well. I'm starting to wonder if I still want to sell it; if maybe I could spend some money to fix it up and make the house profitable and worth keeping. You can take a look at the property's listing sheet here (PDF).
In other news, I had to make the difficult decision today to sell one of my top losing stocks, Shanda Interactive Entertainment (SNDA). I was losing 25% on the stock after it made a 20% plunge a few days ago when the company reported a net loss of $66.8 million, or 94 cents a share. Analysts had been expecting a profit of 26 cents a share. I had the choice of selling now, as Michael Murphy recommended, or holding onto it and risk losing even more money. I decided to play it safe and sell the stock. I reinvested the money in two stocks that I believe will do very well in the coming months, Dendreon (DNDN) a biotech stock, and Plug Power (PLUG) a battery backup company.
Welcome to the Buyer Backout Club. At least your buyer did the inspection. I on the other hand was almost boxed and ready to move. Update: we’ve had a ton of showings, just no offers lately.
Wow, that is a coincidence that you bought Shanda stocks like my boss. But that was about 10 months ago and he bought it using his own little strategy I helped out on.
But hey, looks like history kinda repeats itself. My former boss had it high with a 50 percent profit, but he stuck in too long and he went out with a 10 percent profit before it could’ve been a 30 percent loss. Phew!
Thanks for fixing the furnace by the way. I knew it was more than a filter problem and I guess I should’ve googled the problem myself. But its not my house, I shouldn’t be touching it. =)
Check on you later.
Semper Fi
P.S. I know you’re not kidding about finding my IP. =P
Well it actually was the air filter that caused the problem in the first place. The filter was so dirty that there wasn’t enough air flowing into the unit. That caused one of the auxiliary safety switches to trip, which prevented gas from flowing into the furnace.
The safety switch only allowed the blower to run, so cold air came out of the vents instead of hot air. I only needed to Google the schematics for the circuit board to figure out where the switch was. It was hard to find because that furnace is a special compact unit designed for attics or other small spaces.
Thanks for helping. 🙂
I don’t know if I even helped out, but your welcome anyways. LoL.